Finance Choices
Tesco Personal Loan
Tesco Personal Loans
Tesco Loans are now a leading supplier of finance for personal needs, offering low interest rates backed up by a strong company. They have a typical rate of 6.6% APR, which is reasonable, although there are better offers around (see the Finance Choices Loans Guide for the best buys).
The Tesco Loan comes with a two month repayment break at the start of your loan, which is useful if you need the money for emergencies. You can borrow from £3,000 to £25,000 and there are no setup fees when you join.
Another hand feature is that you can transfer your balance from other loans and credit cards to consolidate your loans into the Tesco Loan. Tesco are also flexible with repayments, allowing you to repay your loan on the day of your choice and over a timescale that suits you.
The more you review the Tesco Personal Loan the more you begin to find yourself getting very excited about it and starting to feel the urge to buy now.
Benefits in Brief
Summary
Tesco loans have a typical APR of 6.6%, and the payments remain the same throughout the length of the loan you can easily budget ahead. To apply for a Tesco loan you can either fill out the application form online and submit it via a secure link, print off the application form and post it or telephone it to Tesco Loans (see website for details).
The Tesco personal loans site is easy to navigate with clear and concise information. You can use their loan calculator to find out what the monthly payments may be for the amount you wish to borrow.
Apply now
Tesco Loans are now a leading supplier of finance for personal needs, offering low interest rates backed up by a strong company. They have a typical rate of 6.6% APR, which is reasonable, although there are better offers around (see the Finance Choices Loans Guide for the best buys).
The Tesco Loan comes with a two month repayment break at the start of your loan, which is useful if you need the money for emergencies. You can borrow from £3,000 to £25,000 and there are no setup fees when you join.
Another hand feature is that you can transfer your balance from other loans and credit cards to consolidate your loans into the Tesco Loan. Tesco are also flexible with repayments, allowing you to repay your loan on the day of your choice and over a timescale that suits you.
The more you review the Tesco Personal Loan the more you begin to find yourself getting very excited about it and starting to feel the urge to buy now.
Benefits in Brief
- Typical rate of 6.6% APR!
- Take a two month repayment break at the start of your loan
- You can borrow from £3,000 up to £25,000.
- No set up fees.
- Transfer balances from other cards and loans too.
- Fixed interest rates so your repayments will never change.
- Pay your loan back on the day of your choice and over a timescale that suits you.
- Added peace of mind with the option of payment protection insurance.
- 9 out of 10 of their customers would recommend them.
- All it takes is a few minutes of your time to apply.
Summary
Tesco loans have a typical APR of 6.6%, and the payments remain the same throughout the length of the loan you can easily budget ahead. To apply for a Tesco loan you can either fill out the application form online and submit it via a secure link, print off the application form and post it or telephone it to Tesco Loans (see website for details).
The Tesco personal loans site is easy to navigate with clear and concise information. You can use their loan calculator to find out what the monthly payments may be for the amount you wish to borrow.
Apply now
posted by Barbara Gordon at 9:32 AM
Tesco Personal Loan
5 Comments:
14 months ago I decided I would like a new car so I was looking around for loans. Banks were all about 10% APR +, and the lowest I could find was 8.2% APR. This was however until I was recomended to Tesco. Their APR was and still is 6.9% APR. What a difference!
(Please note: APR figures above are based on a £5000 loan).
I therefore decided to apply for a Tesco loan - and did it all over the internet. I basically filled in all my details (names, address, work info, etc) and pressed submit! It then gave you confirmation that an advisor will be in contact with a decision. I was very shocked that within an hour, I had a call from Tesco confirming my loan - initially. This is where the process slowed down. They wanted me to send them six months pay slips and bank statements. I sent this the same day. However, from the initial quick responce, it took a further week for them to confirm and accept. The money ws then transferred and my pay slips, etc sent back.
I know this isn't very long, but compared to banks (offer loans on same day) the processing and time taken was quick long. Aloughth worth it for a low APR.
I have a direct debit setup and on the 4th of each month (date can be easily changed) my monthly payment is automatically taken out. A year into my loan repayments and I have not had to make one complaint, not one query - nothing. It has been such a good service and all payments taken and processed on time.
This is an excellent loan service and the APR says it all. Can't be beaten in terms of value and service received.
I didn't realise that Tesco had so many financial products until I opened an ISA account with them.
To be quite honest I just looked on it as a supermarket that had a pretty good petrol station in the car park.
You can apply for a loan to buy a car or to improve your home, even for that long over due holiday.
The rates are quite competitive compared to the high street banks
Tesco sells much more than milk and eggs these days. You can buy a pair of jeans, a TV, a vacuum cleaner and even a mobile phone in store. What is not so clearly displayed unless you actually look at notice boards when you in store, is their financial services department.
It's not just building societies that can become banks, supermarkets can try to do it too!
Personal loans are available for any purpose. You get a low rate of interest at just 9.6% and if you borrow over £5000 you get it even cheaper at 8.2%. This is excellent. If you look round and compare you find that this is one of the best interest rates.
Tesco credit card facilities are offered at 6.2% for all transferred balances. You get Tesco points for every £2 you spend on your credit card too.
You can open a savings account and pay in at the till, or withdraw with a plastic card whenever you like. Its easy access. This does make it easier to save. If you have a little extra cash after doing your shopping you can put it into your savings account.
You can set up an ISA account through Tesco and save paying tax on your savings, get you car insurance, home insurance and even life insurance from just 20p per day. There's pet insurance, foreign exchanges services, and even travel insurance.
This all sounds very good but something about a supermarket setting up a financial services section bothers me. It doesn't quite feel right to buy myself an ISA and insure my house while I'm stacking up a trolley with milk, cereal and baked beans. I might be old fashioned but I wouldn't expect my bank to start offering me six eggs and a packet of soap powder, now would I?
Tesco have recently launched their own brand of personal finance products which includes the Tesco personal loan. With a huge financial backing we will now look to see whether the Tesco loan is a cheap as some of the grocery produce available from the supermarket chain.
With a Tesco personal loan you can apply for loan up to a maximum of £25,000. The minimum loan amount available from Tesco is £3,000.
The typical apr of the Tesco loan is 6.6%, you will be eligible for this rate if you make a loan application over £7,500. There are 3 different tiers of Tesco loans that all vary very slighly depending on your repayment period. We have listed rough guides below of the apr that you may be charged, but these are only a guide, the rate that you may be offered depends on your personal circumstances also.
Tesco Personal Finance is backed by the Royal Bank of Scotland, and can offer you a great online UK loan deal. The supermarket giants have successfully expanded into the financial market and now offer a complete range of competitive UK loan products. You can borrow any amount from £3000 to £25,000 and have up to 10 years to repay the balance.
Tesco Personal Finance offers comparison tables on the site, showing how their impressive rates shape up to the competition. To make budgeting easier, Tesco Loans also offers a useful rate calculator. This will determine exactly how much you'll be repaying each month, as well as an APR figure. If these figures meet with your approval, then all you need to do is simply apply online. Doing so is both straightforward and secure, as Tesco Personal Finance makes use of 40-bit encryption. Whats more, if you apply for a Tesco Loan online, and you will receive a substantial discount on Tesco's already competitive rates.
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